Home Buying in 93552>Question Details

Tetyana Samo…, Home Buyer in Palmdale, CA

My credit score is 610 and I have some recent late payments showing on my credit report. Can I still get an FHA loan? What are requirements?

Asked by Tetyana Samoylenko, Palmdale, CA Wed Jun 30, 2010

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Yes FHA allows you to have a credit score of 580 to qualify for a loan. Most lenders do not allow for scores under a 640 but there are some that will. I would recommend checking out The Lenders Network they work with some Lenders that can go down to a 580 credit score for FHA.
3 votes Thank Flag Link Mon Oct 14, 2013
Not sure where Trisha is getting her info, but you said late payment"s" as in plural.

Your credit score is below most lenders guideline so you are already in a bad place. You can get an FHA loan with a score above 580, but it will require no late payments, so the answer to your question is NO, you cannot get an FHA loan with a 610 score and any late payments. if you had a 620 you could have 1 x 30 day late payment and get away with it, but multiple late payments and / or lates of 60 or 90 may disqualify you completely even with a 620.

Please speak to a mortgage broker regarding issues of financing to get accurate guidelines; they change often.

Gregorio Denny
Tripoint Mortgage Group, Inc.
DRE # 01521904
Web Reference: http://WeFixRates.Com
2 votes Thank Flag Link Wed Jun 30, 2010
Yes, you must have a few compensating factors. Examples: reserves worth 3 months of payments, not a big payment shock, undocumented spousal income. There are more, call or email for a free pre-approval and free credit report.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad now at 855 415-5626.

Brad Neumann
Sr. Loan Officer
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
0 votes Thank Flag Link Fri Oct 25, 2013
Though a minimum FICO of 620-640 is required for an FHA, there are many lenders out there willing to work with borrowers who have a less than perfect credit score. The late payments aren't necessarily a disqualifier as the lender analyzes the complete integrity of the borrower's past credit performance. The real estate professionals at Globenet Realty are ready to assist you in all of borrowing needs.

Please visit us online at http://www.globenetrealty.com or call us at 714.988.8399
0 votes Thank Flag Link Mon Oct 14, 2013
610 with recent late payments for starters you might want to get some distance between you and late payments so your score goes up. Low fico score and late payments after a BK does not a good loan candidate make.
0 votes Thank Flag Link Sun Aug 4, 2013
I just had a bad experience with this loan officer. I had chp 7 in 2005 and was trying to get pre-approved for a VA loan. I have a recent 30 day late payment. I asked the loan officer what can I do to get pre-approved...to no avail. My score is 654
0 votes Thank Flag Link Sat Aug 3, 2013
Hello Tetyana,

Tamara has good information below. Plus, if they truly are "recent" late payments, what is the likelyhood they can be paid in a timely manner to clean up your credit report. This may need to be addressed first.

I can assist you in finding a good lender. The lender can review your credit report and suggest ways to get your credit in good condition, along with approximate timelines to accomplish what you need repaired. Then, you can move forward with the lender and discuss what lending programs are available to meet your home search requirments. Best of luck and give me a jingle if you need the referrals, or when you get ready to search for homes.

Born and raised in AV,
Keller Williams Realty
(661) 310-4004
0 votes Thank Flag Link Thu Jul 1, 2010
Hello Tetyana,

Your best bet is to contact a local lender who specializes in credit scores under 610 (Platinum Home Mortgage (661) 951-0400 x 103) and discussing directly with the lender your issue. Once you've spoken with a lender and they've pulled your credit they can discuss with you the best path to obtaining a loan and accomplishing the purchase of a home if fhat's what you want to do.

Lenders in the Antelope Valley who handle credit scores under 620 are becoming more limited so you shoudl speak with a lender ASAP. If I can be of further assistance, please contact me, my info is below.

Tamara Stoebe, REALTOR, GRI, QSC, e-PRO, Notary
DRE License #01827461
Prudential Troth REALTORS
1801 W. Ave. K
Lancaster, CA 93534
Cell: (661) 466-6849
Fax: (661) 422-3006
E-mail: Tamara@TamaraStoebe.com
Website: http://www.TamaraStoebe.com
Web Reference: http://www.TamaraStoebe.com
0 votes Thank Flag Link Wed Jun 30, 2010
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